Government to Review Section 481 the Irish Tax Incentive for Film and Television
In 2004, the Irish government agreed to renew the tax incentive for film production Section 481 until December 2008, in line with EU regulations. The Minister of Finance has announced the renewal of Section 481 at the expiry of this term.Prior to the scheduled renewal of the scheme at the end of 2008, the Department of Finance with representation from the Department of Arts, Sport and Tourism and the Revenue Commissioners are in the process of tendering a study of the impact, operation, effectiveness and cost of Section 481 Film Relief in economic, fiscal and social terms. It is anticipated that a consultant will be engaged by the end of May and will complete their work by the end of June.
Over the coming weeks, Bord Scannán na hÉireann/ the Irish Film Board (IFB) will actively engage with the Review via the officials of the Department of Arts, Sport and Tourism and with the consultants once appointed. The IFB will work to ensure that the recommendation and outcome of the review will secure effective, practical and stable support for the film and television sector now and into the future. To this end, the IFB will recommend enhancements to Section 481 as presented to the Department of Finance by IBEC and IFB in early 2007.